31.10.2023

A new record for Palfinger

Austrian crane and aerial lift manufacturer Palfinger has posted its third quarter results, with record revenues and profits.

Total revenues for the nine months to the end of September were just under €1.8 billion, 13.8 percent higher than the same period last year. Most of the growth came from North America where revenue increased by more than 30 percent, held back my long lead times for chassis. Asia/Pacific also saw strong growth in loader crane sales, particularly in India. In the Europe, Africa and Middle East region order intake was dramatically slower, also held back by low delivery reliability for trucks
leading to bottlenecks in its installation network and pushing up finished equipment inventory levels.

Pre-tax profit improved 34 percent to €140.6 million, while net debt at the end of September was €719 million, up 14.5 percent on this point in 2022.

Third quarter revenues for the quarter were almost 10 percent higher at €590 million, while pre-tax profit jumped 44 percent to €44.1 million.

Full year and 2024 outlook
Palfinger is forecasting full year revenues of around €2.4 billion with and pre-tax and interest profit in the region of €200 million. It adds however that the changing situation is causing it uncertainty for 2024. It expects the European region to remain flat while being positive about North America and the marine crane business. In spite of this is expects to reach at least €3 billion in revenues, by 2027, assuming no acquisitions.

Vertikal Comment

Another very positive result from Palfinger, although once again we see caution about 2024, which is understandable given the situations in Ukraine and now the Middle East, not to mention all the major elections that will be held. On the flip side chassis deliveries are likely to improve which will help boost production, order intake and a reduction in inventory.

One positive thing is that as with other companies that have reported so far Palfinger is reporting strong and sustainable demand for its products which bodes will for the medium term.
Another positive financial report.